8/09/2007 @ 3:00PM

In Pictures: 10 Undervalued Vacation-Home Spots

Kapaau, Kamuela, Hawaii

Median price: $487,188

Average appreciation rate since 2002: 27%

On the North Shore of the Big Island, up the road from Hilo, this four-bedroom, three-bedroom house has 1,664 square feet of interior space and views of Mauna Kea. It is listed for $549,000 through Tomas Krasuski.